SPDR S&P Biotech ETF

- Fundamentals have been bad in biotech land, something that is reflecting in share prices and IPO performance ($XBI has halved since peak).
- Positive news flow among small and mid-cap biotechs, which hit 60% in 2020, has just fallen below 30%.
- _“But it’s not just small caps, it’s across the sector: Jefferies’ Michael Yee said of 45 major clinical readouts from large and small players, only 20% were positive.”_
- [Clinical holds](https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/cfrsearch.cfm?fr=312.42) have also spiked – 2022 is off to a bad start (13 holds in 8 weeks) and could surpass the already bad 2021 (>50 vs. 30 average historically.
- The full [article](https://lifescivc.com/2022/03/biotech-bears-jumping-a-lower-bar-or-a-higher-one/) offers some explanations of what is going on.


![](https://cdn.commonstock.com/73913f79652d6435cf575dfaac33143aade88002ae83dc176453be0c8ee38c33-767x505.jpg)

Biotech sentiment is super bearish today, as the sector has been crushed over the last year. There’s blood in the water, especially for small and mid-cap players, and everyone’s looking for what caused the carnage. There are many factors at

https://lifescivc.com/2022/03/biotech-bears-jumping-a-lower-bar-or-a-higher-one/

Biotech Bears: Jumping A Lower Bar Or A Higher One? - LifeSciVC

https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/cfrsearch.cfm?fr=312.42

CFR - Code of Federal Regulations Title 21

Biotech Bearish Fundamentals

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